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EU implements 550 million euro worth projects in Armenia – Grigoryan

23.02.2024, 09:09
The European Union is implementing EUR 550 million worth of projects in Armenia, which are at one stage or another, Deputy Prime Minister Mher Grigoryan said on Thursday.
EU implements 550 million euro worth projects in Armenia – Grigoryan
YEREVAN, February 23. /ARKA/. The European Union is implementing EUR 550 million worth of projects in Armenia, which are at one stage or another, Deputy Prime Minister Mher Grigoryan said on Thursday.

He said a large part of that amount will be channeled into small and medium businesses.

‘We are cooperating with the Central Bank and we hope that the projects will move very efficiently and quickly, because the subsidizing and joint lending mechanisms by which the funds are provided are working," he said.

Grigoryan also noted that there is a package of projects at the starting stage worth 50 million euros, which are designed to support the sustainability of the southern Syunik province.

In July 2021, the European Union approved the funding of five key programs for Armenia in the next 5 years worth 2.6 billion euros. These funds will be directed to 5 priority areas that were identified in cooperation between the government and the EU - assistance to SMEs, construction of the North-South highway and related infrastructures, socio-economic development of the southern regions of Armenia, digital governance and stimulation of innovation, as well as development of Yerevan as a "green" and "smart" city.

The Resilient Syunik Team Europe initiative, a joint undertaking of the European Union, the European Investment Bank and EU Member States Austria, France, Germany, Poland and Sweden, with Switzerland also joining as an external partner was launched in January 2023.

The initial budget of the initiative for the next 5 years is 51 million euros (with the prospect of increasing as it is open to other EU countries interested in implementing new development programs for Syunik). -0-